Cerebra looks for acquisitions
IT company Cerebra has shortlisted two companies in the US and one in Malaysia for acquisitions.
By PTI |
MUMBAI: IT company Cerebra on Monday said it has shortlisted two companies in the US and one in Malaysia for acquisitions.
"We hope to complete these acquisitions within this financial year," Cerebra Managing Director V Ranganathan told reporters here.
The companies that are shortlisted are into IT projects, design and contract manufacturing completing Cerebra's present businesses.
Cerebra is into hardware manufacturing at its unit in Bangalore, opened a new office in Atlanta for IT projects and looking for a design firm.
For the last four quarters the company has been reporting profits and has set an ambitious target for June 2009. "Post September 11, 2001, Cerebra went into red because of its major expansions that it carried out. It was even referred to Bureau of Industrial and Financial Reconstruction, Ranganathan said.
Even the company's stock got hammered at the market. It touched a low of Rs 2. "Now, we have turned around the company. We have reported four quarters of profit. We have repaid our creditors. We are a debt free company now," he said.
For June 2009, when Cerebra closes its account, it has set a target of Rs 123 crore in sales and Rs 20 crore in profit. For the quarter ended March, Cerebra posted a net profit of Rs 45 lakh and turnover of Rs 3.89 crore. This year it plans to venture into medical transcription, too.
"We hope to complete these acquisitions within this financial year," Cerebra Managing Director V Ranganathan told reporters here.
The companies that are shortlisted are into IT projects, design and contract manufacturing completing Cerebra's present businesses.
Cerebra is into hardware manufacturing at its unit in Bangalore, opened a new office in Atlanta for IT projects and looking for a design firm.
For the last four quarters the company has been reporting profits and has set an ambitious target for June 2009. "Post September 11, 2001, Cerebra went into red because of its major expansions that it carried out. It was even referred to Bureau of Industrial and Financial Reconstruction, Ranganathan said.
Even the company's stock got hammered at the market. It touched a low of Rs 2. "Now, we have turned around the company. We have reported four quarters of profit. We have repaid our creditors. We are a debt free company now," he said.
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For June 2009, when Cerebra closes its account, it has set a target of Rs 123 crore in sales and Rs 20 crore in profit. For the quarter ended March, Cerebra posted a net profit of Rs 45 lakh and turnover of Rs 3.89 crore. This year it plans to venture into medical transcription, too.
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